ESTATE SURVEYORS’ PERSPECTIVES ON RESIDENTIAL PROPERTY TENANCY DETERMINATION IN ILORIN METROPOLIS
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Date
2018-04-10
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School of Environmental Technology, Federal University of Technology, Minna, Niger State, Nigeria
Abstract
All over the world, rental housing offers a more affordable way for many people to gain access to residential accommodation. Demand for the properties in residential property market seems to be increasing in Ilorin metropolis in view of the growing population arising from the influx of more people from other parts of the country because of the peaceful nature of the city. It was observed that tenancy determination was on the increase as most landlords were desirous of obtaining maximum rents from their tenants by regular rent review among other factors, which had led to high tenant turnover. This study examined the trend of tenancy determination in residential property market of Ilorin metropolis with a view to providing a guidance to the property managers and investors, and providing the basis for property management decisions. Total enumeration survey (100%) was adopted by administering questionnaire on the 22 practicing estate surveying firms in the study area. Information gathered was analysed using both frequency tabulation and trend analysis. The result of analysis showed that there was increasing trend of tenancy determination from 151 terminations in 2007 to 481 in 2016. This paper concluded that tenancy determination affected all categories of residential property although the low income rental properties were more vulnerable. This may discourage specific investors/landlords. It therefore called for a pragmatic management style and policy to stem down the increasing trend of tenancy determination.
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Keywords
property managers, residential property, tenancy, tenancy breakdown, tenancy determination